GETTING STARTED
Making the big decision
Selling your home can become a stressful and frustrating process if you go ahead without knowing all your options, as well as the likely outcome of the sale. Consider the following before you take the final plunge:
- Have you consulted with all members of the family about their feelings towards the home?
- Make sure you haven't overlooked any of its virtues and focused on its flaws! Have you considered the option of renovating? What about the substantial costs involved in selling a house?
- Do you have a reasonable idea of how much your home is worth? Remember, most home-owners overestimate the value of their properties by 5 to 10 per cent.
- If your house does not attract offers anywhere near the price you are asking for, what will you do? Will it be a case of 'sell at any price', or could you stay put and wait for a better offer?
- Have you considered renting out your home and taking out a mortgage on your future property?
- What if your old home is sold before you find a new one?
- Have you explored what properties are currently on the market, and are you sure you can find one that is affordable, and an improvement on your present home?
- You may incur several costs in the course of selling your home, such as your agent’s commission, and a fee for discharging your mortgage (if you have one).
Steps in selling your home
Having decided to sell your home, you can expect to spend at least several months taking the following steps:
- appointing an agent
- negotiating with your lending institution how you intend to pay out your mortgage
- choosing how your property will be sold, whether at auction or by private sale
- setting a reserve or sale price
- opening your property up for inspection
- receiving offers from potential purchasers and entering negotiations with them over the price
- exchanging contracts
- moving out.
